Chinese supplier of packaging solutions Shiner International has posted a 28.4% increase in Q4 revenues of fiscal 2011 to $22.9m from $17.8m in the same period of 2010.
Revenues for the full year increased by 29.4% to $75.3m year-on-year, primarily due to an increase in domestic product volume.
The company's net income for the quarter however declined by 119.9% to $(0.3)m against $1.4m in 2010. Net income for the fiscal 2011 fell to $1.7m compared to $4.2m in the previous year.
Gross profit for the quarter stood at $3m, an increase by 34.2% from $2.2m in the same period a year ago, while gross margin increased to 13.1% compared to 12.6% in 2010.
For 2011, Shiner' posted a gross margin of 13.3% at $10m, marking a decrease of 3.6% over 16.9% for 2010. For the quarter, operating income decreased to $(0.8)m compared to $1m in 2010 and for the full year to $2m from $4.6m in 2010.
Shiner president and CEO Qingtao Xing said the company's sales revenue for biaxially-oriented polypropylene (BOPP) tobacco film was $38.4m.
"In 2012, we will continue to develop new market and expand our market share both in China and abroad with our efforts. We have entered into Philippines Inter-tabac Exhibition to attract more tobacco manufacturers and explore new market in March 2012," Xing said.
Shiner International is an emerging global supplier of packaging solutions for food, tobacco, and consumer products.